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Monday, 20 March 2017 00:01 - - {{hitsCtrl.values.hits}}
Fairfax Financial Holdings Ltd. announced that it has successfully completed the amalgamation of Fairfirst Insurance Ltd. and Union Assurance General Ltd. (UAG). The amalgamated entity operated as Fairfirst Insurance Ltd. with effect from 28 February.
The rights and obligations arising from all insurance policies issued by Union Assurance General Ltd. will continue to be honoured by Fairfirst Insurance Ltd. UAG, a company in which Fairfax holds a majority stake since January 2015, had acquired 100% shares of Asian Alliance General Insurance Ltd. (AAGI) in October 2016 and subsequently rebranded it as Fairfirst Insurance Ltd. Fairfirst has since been operating as a fully owned subsidiary of UAG.
With one of the best multi-distribution capabilities in the industry, an experienced workforce of over 1,400 spread across its 57 comprehensive service centres, this consolidation strengthens the Fairfax Group’s position in the Sri Lankan Insurance sector. With this coming together of UAG and the former AAGI, Fairfirst today has award winning capabilities in delivering insurance solutions in Motor and Health and it maintains leadership position in most business insurances like marine, fleets, property, liability, construction, engineering, etc. “We see great potential in the Sri Lankan insurance market,” said Fairfirst Insurance Ltd. Managing Director and Chief Executive Officer Dr. Sanjeev Jha. “The amalgamated entity Fairfirst Insurance, allows us to leverage on the combined strengths of the former Union Assurance General and Asian Alliance General. We have a fantastic team that continues to invest in improving capabilities towards delivering more award winning insurance solutions via efficient and relevant delivery.”
Fairfax Financial Holdings Ltd. is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. As at December 2016, this Toronto headquartered group had assets amounting to approximately $ 43 billion and revenue of approximately $ 9.5 billion.
